The Parkways Foundation, the non-profit arm of the Chicago Park District, will close, the organization said Thursday. The group declined to provide a specific closing date. A new agreement brokered earlier this month between the park district and organizers of the Lollapalooza music festival is not behind the 18-year-old organization\'s decision to shutter, according to foundation board chairwoman Diane Sprenger. \"In reality, the Lollapalooza dollars were part of what helped the organization give back to the Chicago parks, but it wasn\'t our only funding source,\" said Sprenger. \"We felt that with some of the new funding channels being forged under the new city leadership, we realized we will no longer have the same level of impact we\'ve had in the past years.\" The foundation has been considering whether or not to close since the beginning of the year, according to Sprenger. The board has shed about 10 board members since 2010 and its executive director departed in December. \"They left for a variety of reasons,\" she said. The new deal between Lollapalooza organizers Austin, Tex.-based C3 Presents and the park district excludes the Parkways Foundation. Previously, the foundation received roughly 45 percent of its annual revenue from the world\'s largest music festival. The new deal also requires that Lollapalooza organizers for the first time pay annual city and county amusement taxes and state liquor taxes. Previously, C3 made annual contributions to the Parkways Foundation that amounted to 10.5 percent of gross revenue and 8.5 percent of sponsorship revenue in lieu of paying the taxes. The foundation will continue to accept charitable donations on the parks\' behalf until it closes according to park district spokeswoman Jessica Maxey-Faulkner. Eventually a new foundation will accept donations for Chicago parks although one has yet to be named, she added. Since its creation in 1994, the foundation has pledged $30 million to Chicago park programs and projects, including summer camps, tree plantings and park renovations and improvements.